TJX Reaches $24M Deal With MasterCard Issuers

Law360 (April 2, 2008, 12:00 AM EDT) -- Discount retailer TJX Cos. Inc. has agreed to pay up to $24 million as part of a settlement reached with MasterCard International Inc. over what has been called the largest retail security breach in U.S. history.

Under the settlement, the Framingham, Mass.-based retailer will provide up to $24 million to settle claims made by issuers of MasterCards to recover costs and losses they claim to have incurred in connection with the breach.

Financial institutions representing at least 90% of the MasterCard accounts that claim to have...